AUSTIN, Texas, Dec. 4, 2001 (PRIMEZONE) -- Valence Technology, Inc. (Nasdaq:VLNC), a leader in the development and commercialization of Lithium-ion polymer rechargeable batteries, today announced that it has entered into a license agreement with Hong Kong-based Amperex Technology Limited (ATL). The license agreement provides ATL the rights to produce and distribute worldwide Lithium-ion polymer batteries using Valence's intellectual property for Cobalt and Manganese cathode materials.
Stephan Godevais, CEO of Valence, stated, "ATL has assembled a world-class management team that is ready to aggressively develop the market for Lithium-ion polymer batteries beginning in early 2002. We are very pleased with this license agreement and we look forward to a long-term, mutually beneficial relationship with ATL."
Dr. T. H. Chen, President of ATL, stated, "We have been developing our product technology and production capability for the past two years to meet top tier OEM requirements. With the execution of this license agreement, ATL broadens its technology portfolio and is ready to accelerate its business strategy. We expect dynamic growth in our selected markets and are excited about the prospects our technology has to offer. We believe Valence's technology, combined with ATL's product and process technology, provides a superior product offering."
About Amperex Technology Ltd.
ATL aims to be a premier energy solution provider for mobile devices. ATL is currently manufacturing Lithium Ion Polymer (LIP) battery cells in China and is currently concentrating on designing and manufacturing Lithium-Ion Polymer (LIP) battery cells and batteries for OEM customers of cell phone, PDA, notebook PC, earphone, and smart card applications. ATL can be found on the Internet at www.atlbattery.com
About Valence Technology, Inc.
Valence is a leader in the development and commercialization of Lithium-ion polymer rechargeable batteries. Valence has more than 790 issued and pending patents worldwide, including 284 issued in the U.S. The company has facilities in Austin, Texas, Henderson, Nevada and Mallusk, Northern Ireland. Valence is traded on the Nasdaq National Market under the symbol VLNC and can be found on the Internet at www.valence.com.
Forward-looking Statement
The information contained herein includes "forward-looking statements." The company cautions readers not to put undue reliance on forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those described herein, for the reasons, among others, discussed in our reports filed with the Securities and Exchange Commission.